asti annual report 06 by chenmeixiu

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									                                                                       ASTI Credit Union Limited




Please note: We will be closed for the following period at Christmas
          Closing — Friday 22nd December 2006 at 1pm
               Opening — Friday 5th January at 9am
                                                                           Annual Report & Financial Statement 2006
       Regular opening hours: Monday — Friday 9am — 5pm
                                                                                & Notice of Annual General Meeting
          Wellington House, 25 Wellington Quay, Dublin 2
   Tel (01) 661 9885 (01) 661 2436 Local Rate 1850 44 31 31
                      E-mail:asticu@eircom.net
            Website: http://homepage.eircom.ie/-asticu
            ASTI Credit Union Limited Annual Report 2006




                            Table of Contents

Notice of Annual General Meeting                           2
Notice of elections                                        2
Nomination forms                                           3
Directors, staff and other information                     4
Agenda                                                     5
Report of the Board of Directors                           6
Statement of Directors’ Responsibilities                   7
Statement of Supervisory Committee’s Responsibilities      7
Treasurer’s Report                                         8
Supervisory Committee Report                               9
Credit Committee Report                                    10
Independent Auditors’ Report                               11-12
Statement of Accounting Policies                           13
Financial Statements                                       14-24




                                           1
            ASTI Credit Union Limited Annual Report 2006                                                         ASTI Credit Union Limited Annual Report 2006




                                                                                                     BURSARIES
                                                                                                     The Board of ASTI Credit Union has decided to award three bursaries for the
                                                                                                     academic year 2006 — 2007.

                                                                                                     Category One – Two Bursaries for €1,300
                                                                                                     For students whose parents/guardians are members of ASTI Credit Union
                                                                                                     and who are following a full-time Third Level Course.

                                                                                                     Category Two – One Bursary for €1,300
                                                                                                     For members of ASTI Credit Union following any accredited Third Level
                                                                                                     Course.

                                                                                                     Conditions
                                                                                                     1 The bursaries will be awarded by lot.
                                                                                                     2 Application must be on the standard ASTI Credit Union form, attached.
                                                                                                     3 Only one application per student will be accepted, multiple applications
                                                                                                        will disqualify.
                                                                                                     4 Confirmation of registration will be required.
                                                                                                     5 The closing date is December 22nd 2005.

                                                                                                     APPLICATION FORM FOR ASTI CREDIT UNION BURSARIES 2006-2007
                                                                                                     CLOSING DATE: DECEMBER 22nd 2006

                                                                                                     Please tick one category only    Category One    ❑      Category Two    ❑
                                                                                                     Name of Student:
                                                                                                     Address:


       The Board of Directors & Supervisory Committee of ASTI Credit Union Limited                   Phone Number:
 Back Left to Right: P. Leahy, P. Toomey, P. Atkinson, H. Heduan, J. Johnstone, C. Nic Aodha         Name of University/College:
Front Left to Right: S. Dollard, J. Ryan, S. Scott, T, Burke (Chairman), M. Smyth, D. McCarthy
                            Not Shown: E. Brazil, T. MacCathmhaoil                                   Title of Course:
                                                                                                     I certify the above information to be correct:
                                                                                                     Signature of Credit Union Member:
                                                                                                     Address:



                                                                                                     Phone Number:                     Membership Number:
                                                                                                 ✄




                                                                                                                                           33
              ASTI Credit Union Limited Annual Report 2006




NOTICE OF 23rd ANNUAL GENERAL MEETING

The Annual General Meeting of the members of ASTI Credit Union Limited will
take place in The Mont Clare Hotel, Merrion Square, Dublin 2, on Monday 11th
December 2006 at 8.00 pm.

Members are requested to bring this report to the AGM.

Sarah Scott
Secretary



NOTICE OF ELECTIONS

■ Elections will be held to fill two vacancies on the Board
  of Directors, one on the Supervisory Committee and
  the position of Auditor.
■ Nominations for the positions of Director and/or Supervisor and/or Auditor
  must be in writing signed by a proposer and seconder (who must be
  members of the credit union) and also by the person nominated so as to
  indicate his/her consent.
■ Nomination forms are in this report. Completed nomination forms must reach
  the Credit Union’s Registered Office at least three working days before the
  date of the meeting.
■ All those nominated (other than for the position of Auditor) must be members
  of the Credit Union.
■ The nominee must be of full legal age, that is, aged 18 or over. Marriage of
  persons 16-18 also confers full legal age. All members aged 16-18 have
  voting rights, but cannot be nominated.




                                        2
                  ASTI Credit Union Limited Annual Report 2006




NOMINATION FORM — DIRECTOR
ANNUAL GENERAL MEETING 2006




We, the undersigned, nominate for Director:-

(Name of nominee)
 Block Capitals
(Address)

Signed (Proposer):                             Membership No:

Signed (Seconder):                             Membership No:

Consent of Nominee:- I, as a member hereby agree to be nominated as a
candidate for DIRECTOR on the Board of the Directors and confirm that I am of
full legal age.

SIGNED:                               DATE:          Membership No:
(Nominee)

Consent of Nominee:- I, as a member hereby agree to be nominated as a
candidate for Supervisory Committee and confirm that I am of full legal age.

SIGNED:                               DATE:          Membership No:
(Nominee)




                                       3
             ASTI Credit Union Limited Annual Report 2006




BOARD OF DIRECTORS

Tony Burke (Chairman)                      Tomas MacCathmhaoil
Paul Atkinson (Vice-Chairman)              Catherine Nic Aodha
Jimmy Johnstone (Treasurer)                Jim Ryan
Sarah Scott (Secretary)                    Paul Leahy
Helena Heduan                              Michael Smyth
Edward Brazil


SUPERVISORY COMMITTEE
Denis McCarthy (Chairman)
Pat Toomey
Stephen Dollard


MANAGER                                    STAFF
Selina Gilleece                            Noeleen Culbert
                                           Edel Kelly
                                           Henry Upton


AUDITOR                                    BANKERS
Deloitte & Touche                          National Irish Bank Ltd.
Chartered Accountants and Public Auditor   27 College Green,
Deloitte & Touche House,                   Dublin 2
Earlsfort Terrace,
Dublin 2                                   Bank of Ireland
                                           Baggot Street Lower
                                           Dublin 2


SOLICITORS                                 REGISTERED OFFICE
James A. Connolly & Co.                    11A Fitzwilliam Street Lower,
13 St. Andrew Street,                      Dublin 2
Dublin 2                                   (following rule amendment
                                           approval)
                                           Wellington House
                                           25 Wellington Quay
                                           Dublin 2




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             ASTI Credit Union Limited Annual Report 2006




AGENDA

1    The acceptance by the Board of Directors of the authorised representatives
     of members that are not natural persons
2    Ascertainment that a Quorum is present
3    Adoption of Standing Orders
4    Minutes of last AGM
5    Report of the Board of Directors
6    Report of the Treasurer
7    Report of the Auditor
8    Report of the Credit Committee
9    Report of the Supervisory Committee
10 Report of the Membership Committee
11   Report of the Education & Publicity Committee
12   Report of the Credit Control Committee
13 Appointment of Tellers
14 Report of the Nominating Committee
15 Elections: Directors, Supervisors & Auditor
16 Proposal of Dividend
17   Proposal of Treasurer's Honorarium
18 “That this AGM agrees that 63c per affiliated member (ex shares) be
   contributed to the International Foundation”
19 “That this AGM agrees that 90c Irish League of Credit Union affiliation fees
   be deducted from members’ shares”
20 “That this AGM approves a change in the Registered Address of ASTI Credit
   Union Limited from 11A Fitzwilliam Street Lower, Dublin 2, to Wellington
   House, 25 Wellington Quay, Dublin 2”
21 Announcement of Election Results
22 Close of Meeting




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             ASTI Credit Union Limited Annual Report 2006




REPORT OF THE BOARD OF DIRECTORS 2005-2006

                         Fellow Members,
                         I am delighted to present to you the report of the Board of
                         Directors on the operation of your Credit Union for the year
                         ended 30th September 2006.
                         We have again experienced another very successful year
                         with loans increasing by 9% and shares by 3%.
                         As you will be aware the Credit Union has moved from it’s
                         rented accommodation in Fitzwilliam Street to our new
                         premises on Wellington Quay. Wellington House has been
                         completely renovated to suit our needs into the
                         foreseeable future. The building is situated beside the new
millennium bridge. It is easily accessible by LUAS from Connolly and Heuston
Stations and is close to most Dublin Bus routes. Car Parking is available at Temple
Bar Car Park on Fleet Street. I would like to take this opportunity to thank all our
staff for their work in making the transition to Wellington Quay as seamless as
possible. I would like to pay particular tribute to our manager Ms Selina Gileece in
this regard.
Over the last few years the Credit Union has been working to develop enhanced
electronic services to members. Currently 70% of our transactions use Electronic
Fund Transfer. This allows us to move money to customer’s accounts quickly and
efficiently. It removes the need to use cheques, which are expensive, take time to
arrive through the post and can take up to five working days to clear.
ASTI Credit Union is committed to the use of technology to further enhance services
to our members. It is likely that we will be in a position to offer ATM services to
members in the short to medium term if we determine that there is a demand for
such services.
The Credit Union is also working with our I.T suppliers to enhance our web
presence. Within the next few months we will be unveiling a new site, which will
allow members who wish to do so, access to certain online services such as
balance enquiries and share transfers. Members will be informed of these
developments prior to its launch.
The Board of Directors has again decided to award three educational bursaries for
members and their children. The bursaries will be worth €1300 each and will be
awarded by lot. Two bursaries will be awarded to the children of ASTI Credit Union
members who are following full time third level courses. Another bursary will be
awarded to a member of the ASTI Credit Union who is following an accredited third
level course. Application forms are available in this booklet. The closing date for
receipt of applications is 21st December 2006.
I would like to take this opportunity to thank all the Board, Supervisory Committee
and Staff for their work and continued best efforts on your behalf over the last year.
Tony Burke
Chairman




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             ASTI Credit Union Limited Annual Report 2006




STATEMENT OF DIRECTOR’S RESPONSIBILITIES:
“The Credit Union Act 1997 requires Directors to prepare financial statements for
each financial year which give a true and fair view of the state of affairs of the
credit union and of the income and expenditure of the credit union for that period.
In preparing those financial statements, the directors are required to:
■ select suitable accounting policies and then apply them consistently;
■ make judgements and estimates that are reasonable and prudent;
■ prepare the financial statements on the going concern basis unless it is
  inappropriate to presume that the credit union will continue in business;
The Directors are responsible for keeping proper accounting records which
disclose with reasonable accuracy at anytime the financial position of the credit
union and which enables them to ensure that the financial statements comply
with the Credit Union Act 1997. They are also responsible for safeguarding the
assets of the credit union and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.”


STATEMENT OF SUPERVISORY COMMITTEE'S RESPONSIBILITIES
The Credit Union Act 1997 requires the appointment of a Supervisory Committee
which will oversee Directors in the performance of their functions, examine books
and documents of the credit union and verify a sample of members’ balances.




       Ms. Noeleen Culbert    Ms. Selina Gilleece     Ms. Niav Keating
       Administrator          Manager                 Administrator




                                          7
             ASTI Credit Union Limited Annual Report 2006




                     TREASURER’S REPORT
                       Another year has slipped by, maturing SSIAs, moving to new
                       premises and two new staff members has kept us busy to say the
                       least, nevertheless the normal credit union loan and savings
                       operations have continued apace.
                       Members’ shares have increased by 3% to reach €23,000,000.
                       Some member’s Special Savings Incentive Accounts matured
                       from June on and these members were duly contacted and
                       informed of arrangements for such maturing accounts. Most
                       members have opted to leave their funds on deposit with their
                       credit union and the Board are committed to developing a range
of attractive savings options for our members. The amount currently held in deposits
for members is €3,400,000. The amount currently held in SSIAs for members is
€10,400,000, including over ¤600,000 in tax credits. These funds will mature over the
next few months and the Board will ensure that this continues to be extremely well
managed.
Loans have increased by 9% to €19,000,000.
As many members know, share withdrawals and loan payments can now be sent
directly to member’s bank accounts via EFT by their credit union. Such transactions are
very cost effective from an administrative viewpoint and very efficient in that they will
reach members’ bank accounts on the following day.
ASTI Credit Union has been piloting ATM Cards via the Bank of Ireland network for some
months and are now in a position to offer this service to our members. For more
information contact your friendly and efficient staff.
With the move to new premises imminent the Board decided to increase staff
numbers by one and with the departure of Niav Keating we welcomed two new staff
members on board during the year.
After some initial delays and frustrations, the work required to outfit our new premises
for operations finally gathered momentum and the “seamless” move took place in
September with our new doors opening for business on the 25th September 2006.
Special thanks are due to our Premises Committee and in particular our Manager,
Selina Gilleece, whose hard work, patience and enthusiasm continue to amaze us all.
Our new home in Wellington Quay is a credit to all the hard work of staff and
volunteers over many years and the continued support of members who share the
credit union self help vision.
Tonight the Board of Directors is recommending a dividend of 2% on member’s
shares.
I would like to thank the Treasury Committee, Paul Atkinson and Helen Heduan, for
their advice and support throughout the year. Special thanks are due as always, to our
excellent staff, Selina Gilleece (Manager), Noeleen Culbert (Administrator), Edel Kelly
(Administrator) and Henry Upton (Administrator).
Mar focail scoir ba mhaith liom buíochas a gabháil libhse, baill uilig an comhar
creidmheas, as bhur dtacaíocht is bhfur ndílseacht.
Please continue to spread the good news about your credit union to your fellow ASTI
members and particularly the new members in your school and staffroom.
Ní neart go cur le chéile
Jimmy Johnstone
Honorary Treasurer
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             ASTI Credit Union Limited Annual Report 2006




CREDIT COMMITTEE REPORT
In the year ended 30 September 2006, the Credit Committee approved 1,465
loans totalling €10,374,969 is represents a monthly average of €864,581
This has been another successful and busy year for the credit union.
Loans Issued During The Year
  Type                                      No:          €
  Car Purchase                              334          3,425,891
  Home Improvements                         470          3,733,029
  Financial                                 125          934,576
  Secured Loans                             185          836,103
  Educational                               86           398.729
  Personal                                  57           383,550
  Holidays                                  94           227,689
  Once                                      38           137,450
  Weddings                                  18           127,033
  Medical                                   24           88,210
  Legal                                     6            32,000
  Computer                                  14           26,100
  Miscellaneous                             14           24,609
  Total                                     1,465        10,374,969

We would like to remind new members that they can borrow up to €10,000 once
one payment by salary deduction or direct debit has been received.
To facilitate all members an increasing number of Loan Applications are dealt
with on a daily basis. Loan cheques can be lodged directly into members’ bank
accounts thus ensuring a speedy and efficient service.
If you require a large loan (in excess of €30,000) please help us to facilitate you
by applying as early as possible. Such loans are considered at our monthly Board
meeting which is generally held on the third Tuesday of each month. For large
loans we need to have your application one week in advance and you may be
required to provide additional information to support your application.
Our standard interest rate is still extremely competitive at 7.99% and compares
very well to personal lending rates offered by other financial institutions. Loans
secured by shares are also available at only 5.99% together with loans up to
€5,000 that are repaid within 12 months.



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             ASTI Credit Union Limited Annual Report 2006




Car loans are available at a very special rate of 6.99%.
Loans are covered by insurance at no extra cost to the member and can be repaid
at any time without incurring any penalty.
We would like to encourage all our members to come to us to discuss their
financial needs. Our main aim continues to be to satisfy the borrowing
requirements of all our members.
In conclusion, I would like to thank the members of the Credit Committee, Michael
Smyth, Paul Leahy and Catherine Nic Aodha for their commitment throughout the
year. A special word of thanks must go to our manager Selina Gilleece, and staff
members Noeleen Culbert, Edel Kelly and Henry Upton. Without their support and
assistance our job would have been much more difficult.
Jim Ryan
Chairman
Credit Committee




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             ASTI Credit Union Limited Annual Report 2006




SUPERVISORY COMMITTEE REPORT
The Supervisory Committee is elected each year to ensure that all the business of
the Credit Union is carried out in accordance with the Law, and the Credit Union
Rules. During the past year the Supervisors met regularly and carried out various
checks on the financial records including cash receipts, cheque payments,
lodgements, withdrawals, expenses and members’ accounts.
We are happy to report that the work of your Board of Directors has been carried
out in an efficient and professional manner. This concurs with the independent
auditors’ report.
We would like to thank the Manager, the staff and the Board of Directors for their
unfailing co-operation and courtesy shown to us at all times.


             Denis McCarthy        Pat Toomey           Stephen Dollard
                Supervisor           Supervisor            Supervisor




                               The Supervisory Committee
                     S. Dollard, D. McCarthy (Chairman), P. Toomey




                                         11
          ASTI Credit Union Limited Annual Report 2006




                 13 CASH DRAW Winners in 2006
                            2 Car Draw Winners
               (further 2 car draws to take place at our AGM)


 Congratultions to our Two Car Draw Winners
                         Mr. Shane Walsh - Dublin
                                     &
                            Della Kent - Kildare
         WINNERS OF the OPEL ASTRA 1.4Litre Life

               Over €74,255 won in cash prizes this year
                     Congratulations to our winners!
                   Colette Reddington – Clare - €5,526
                  Geraldine Mannion – Dublin - €5,607
                    Mary Gallagher – Kildare - €5,713
                 Adrienne Bermingham – Dublin - €5,694
                      Kieran Casey – Dublin - €5,727
                      Martina Byrne – Louth - €5,763
                 William Gannon – Roscommon - €5,743
                   Mary Ui Mhealoid – Meath - €5,751
                      William Cody – Dublin - €5,773
                       Mary Young – Dublin - €5,774
                     Mary Duggan – Donegal - €5,810
                   Rosaria Mc Carthy – Kerry - €5,634
                   Austin O’Callaghan – Sligo - €5,740


                  BI ANN AGUS BI LINN !!!!
For only €2 per fortnight you are eligible for 13 cash draws and 4 Car Draws
                          Call our office to enter




                                    12
             ASTI Credit Union Limited Annual Report 2006




               BORROWING FROM YOUR CREDIT UNION
                         LOANS FOR A LOT MORE
                             …FOR A LOT LESS !!!
CAR LOANS @ 6.99% typical APR
ONCE LOANS @ 5.99% typical APR (up to €5,000 repaid over 12 months)
■ This type of loan is particularly attractive to members who may for example
  be paying increased premiums for insurance which is being deducted on a
  monthly basis through Direct Debit.
■ Why not borrow the lump sum and repay through salary deduction every
  fortnight? You may find yourself making a saving!
SECURED LOANS @ 5.99% typical APR
■ This loan type caters for those of our members who have through regular
  saving built up shares. Members can borrow within shares at this very low
  rate.
NEW MEMBER LOANS @ 7.99% typical APR
■ New members can borrow up to ¤10,000 on receipt of one salary deduction.
  This very attractive rate facilitates young teachers in particular who are just
  starting out and may need some help, there is no requirement to wait until
  a savings record has been established.
■ Regular Loans @ 7.99% typical APR
■ These are our normal loans available to all members. This rate is still very
  competitive and attractive.
AND DON’T FORGET
■ All loans come with free loan protection insurance
■ There are no penalty clauses and loans may be repaid early
■ There are no transaction charges
■ There is immediate approval for certain loans (subject to terms & conditions)
■ Loan repayments are deducted directly from salary
■ Electronic transfer of loans directly into your bank account
■ Fast & efficient service




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               ASTI Credit Union Limited Annual Report 2006




INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF
ASTI CREDIT UNION LIMITED

We have audited the financial statements of ASTI Credit Union Limited for the year
ended 30 September 2006 which comprise the Income and Expenditure Account, the
Balance Sheet, the Statement of Accounting Policies and the related notes 1 to 16.
These financial statements have been prepared under the accounting policies set out in
the Statement of Accounting Policies.
This report is made solely to the Credit Union members, as a body, in accordance with
the Credit Union Act 1997. Our audit work has been undertaken so that we might state
to the Credit Union members those matters we are required to state to them in an
auditors' report and for no other purpose. To the fullest extent permitted by law, we
do not accept or assume responsibility to anyone other than the Credit Union and the
Credit Union members as a body, for our audit work, for this report, or for the opinions
we have formed.
Respective responsibilities of directors and auditors
The directors are responsible for preparing the Annual Report, including as set out in
the Statement of Directors’ Responsibilities, the preparation of the financial statements
in accordance with applicable Irish law and accounting standards issued by the
Accounting Standards Board and published by the Institute of Chartered Accountants in
Ireland (Generally Accepted Accounting Practice in Ireland). Our responsibility, as
independent auditor, is to audit the financial statements in accordance with relevant
legal and regulatory requirements and International Standards on Auditing (UK and
Ireland).
We report to you our opinion as to whether the financial statements give a true and
fair view in accordance with Generally Accepted Accounting Practice in Ireland and are
properly prepared in accordance with Irish statute comprising the Credit Union Act 1997.
We also report to you whether in our opinion: proper books of account have been kept
by the Credit Union; and whether the information given in the report of the board of
directors is consistent with the financial statements. In addition, we state whether we
have obtained all the information and explanations necessary for the purposes of our
audit and whether the Credit Union’s Balance Sheet and Income and Expenditure
Account are in agreement with the books of account.
We also report to you if, in our opinion, any information specified by law regarding
directors’ remuneration and directors’ transactions is not given and, where practicable,
include such information in our report.




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             ASTI Credit Union Limited Annual Report 2006




We read the Directors Report, the [other information e.g. Treasurer’s Report, the
Supervisory Committee Report and the Credit Committee Report] and consider
whether they are consistent with the audited financial statements. We consider
the implications for our report if we become aware of any apparent misstatement
or material inconsistencies with the financial statements.
Our responsibility does not extend to other information.

BASIS OF AUDIT OPINION
We conducted our audit in accordance with International Standards on Auditing
(UK and Ireland) issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts and disclosures
in the financial statements. It also includes an assessment of the significant
estimates and judgements made by the directors in the preparation of the
financial statements and of whether the accounting policies are appropriate to the
company’s circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with sufficient
evidence to give reasonable assurance that the financial statements are free from
material misstatement, whether caused by fraud or other irregularity or error. In
forming our opinion we evaluated the overall adequacy of the presentation of
information in the financial statements.

OPINION
In our opinion the financial statements:
■ give a true and fair view, in accordance with Generally Accepted Accounting
  Practice in Ireland, of the state of the affairs of the Credit Union as at 30
  September 2006 and of its income and expenditure for the year then ended;
  and
■ have been properly prepared in accordance with the Credit Union Act, 1997.
We have obtained all the information and explanations we considered necessary
for the purpose of our audit. In our opinion, proper books of account have been
kept by the Credit Union. The Credit Union’s Balance Sheet and its Income and
Expenditure account are in agreement with the books of account.
In our opinion the information given in the report of the board of directors is
consistent with the financial statements.
Chartered Accountants and Registered Auditors



                                       15
           ASTI Credit Union Limited Annual Report 2006




STATEMENT OF ACCOUNTING POLICIES


1 BASIS OF PREPARATION
  The financial statements have been prepared in accordance with accounting
  standards generally accepted in Ireland and Irish statute comprising the Credit
  Union Act 1997.

2 ACCOUNTING CONVENTION
  The financial statements have been prepared under the historical cost
  convention.

3 INCOME RECOGNITION
  Interest on members’ loans is recognised when payment is received as
  specified in Section 110 (I)(c)(i) of the Credit Union Act, 1997 (i.e. on a cash
  received basis). Investment income is recognised on an accruals basis.

4 FIXED ASSETS & DEPRECIATION
  Fixed assets are stated at cost.
  Depreciation is provided on cost in equal instalments from month of
  acquisition over the estimated useful lives of the assets. The rates of
  depreciation are as follows:
  Premises 2%
  Office Equipment 10%
  Computer Equipment 33%

5 INVESTMENTS
  Investments held as current assets are stated at market value. The income
  received is included in the income and expenditure account and consists of
  dividends, interest and the increase or decrease in the market value.

6 PENSIONS
  Pension benefits for employees are met by payments to a multi-employer
  defined benefit scheme. However, the Credit Union is unable to identify its
  share of the underlying assets and liabilities and consequently accounts for its
  contributions to the Scheme as if it were a defined contribution Scheme.
  Contributions payable to the Scheme are recognised in the income and
  expenditure account.




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             ASTI Credit Union Limited Annual Report 2006




INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2005

                                                    2005         2005
                                                       €            €
INCOME
Interest from loans                              1,376,946   1,229,781
Deposit interest                                   566,520     585,111
Entrance fees                                          210         179
Other income                                         6,378       9,927
                                                 1,950,054   1,824,998
LESS: INTEREST PAID ON DEPOSIT AND SSIA ACCOUNTS (207,469)   (207,469)
                                                 1,685,609   1,617,529
EXPENDITURE
Wages and salaries                                 137,041     115,834
Pension                                             24,083      23,557
Convention expenses                                 12,694      14,754
Printing and stationery                             33,964      15,362
Telephone and postage                               22,948      35,115
Insurance — General                                 14,123       9,545
Insurance — Loan protection/life savings            57,750      80,982
Saving Protection Scheme                            16,342       8,336
Rent, rates, light and heat                         61,220      40,031
Education and publicity                             10,043      10,064
Sponsorship                                         10,618       7,700
Bank interest and charges                           11,166       5,793
EFT charge                                          12,000           -
Affiliation fees                                    12,343       3,766
Audit and accountancy                               13,997      12,721
Treasurer's honorarium                               9,074       5,768
Office equipment maintenance                         8,196       6,132
Legal expenses                                         553       2,268
Administration expenses                             15,207      13,405
Bad debts                                           39,334      40,330
Increase in bad debt provision                      25,000      25,000
Training and seminars                                3,907       4,758
Sundries                                            15,326      11,486
Depreciation                                        82,598      30,546
                                                   649,527     523,253
SURPLUS OF INCOME OVER EXPENDITURE               1,094,276   1,094,276


                                     17
             ASTI Credit Union Limited Annual Report 2006




INCOME AND EXPENDITURE ACCOUNT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2006

                                     NOTES          2006               2005
                                                        €                  €
Surplus of income over expenditure for the year 1,036,082          1,094,276
Transferred to statutory reserve       10       (320,000)          (250,000)
                                                  716,082           844,276
Dividends proposed                     1        (419,322)          (455,458)
Surplus retained for the year                   (296,760)            388,818
The financial statements, which include the accounting policies and notes, were
approved by the Board of Directors on 15th November 2006.


On behalf of the Board :
CHAIRMAN: Tony Burke
TREASURER: Jimmy Johnstone
MEMBER OF SUPERVISORY COMMITTEE: Denis Mc Carthy




                                      18
             ASTI Credit Union Limited Annual Report 2006




BALANCE SHEET AS AT 30 SEPTEMBER 2006

                                      NOTES          2006              2005
                                                        €                 €
CURRENT ASSETS
Cash and bank balances                     1     7,368,803        6,546,788
Investments                                2    10,910,681       11,121,490
Debtors                                    3       551,784          464,587
Department of Education                            815,139          377,726
                                                19,646,407       18,510,591

CURRENT LIABILITIES
Creditors                                   4    (382,421)         (119,837)



NET CURRENT ASSETS                              19,263,986       18,390,754
FIXED ASSETS                               5     2,841,221        2,439,221

MEMBERS’ LOANS                              6 18,893,803          17,363,150
MEMBERS’ SHARES                             7 (23,269,225)      (22,555,748)
MEMBERS’ DEPOSIT AND SSIA ACCOUNTS          8 (13,910,189)      (12,434,541)
                                                 3,819,596         3,202,836

REPRESENTED BY:
Statutory reserve                           9    2,300,725         1,980,725
Surplus retained                           10    1,518,871         1,222,111
                                                 3,819,596         3,202,836

The financial statements, which include the accounting policies and notes, were
approved by the Board of Directors on 15th November 2006.

On behalf of the Board :

CHAIRMAN: Tony Burke
TREASURER: Jimmy Johnstone
MEMBER OF SUPERVISORY COMMITTEE: Denis Mc Carthy




                                      19
           ASTI Credit Union Limited Annual Report 2006




NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2006
1   CASH AND BANK BALANCES                       2006         2005
                                                    €            €

    National Irish Bank Limited              1,128,115    1,222,478
    CIM Deposit                                 22,581       59,612
    Anglo Irish Bank Corporation Plc.        2,899,122    1,689,519
    Bank of Scotland (Ireland) Limited               -      269,718
    Ulster Bank Ireland Limited                 11,410    1,232,382
    EBS Building Society                     2,791,466    1,806,575
    Central Credit Union Limited                12,737      207,562
    Bank of Ireland                             21,968       10,036
    Bank of Ireland EFT account                481,404       48,845
    Petty cash                                       -           61
                                             7,368,803    6,546,788

2   INVESTMENTS                                  2006         2005
                                                    €            €

    Investec deposit                         1,515,681            -
    Davy Guaranteed Growth Bond                870,000      870,000
    AIB Investment                           1,000,000    1,000,000
    EBS Investments                          4,525,000    5,650,000
    Friends First with profit bond             250,000      250,000
    CIM Bonds                                2,300,000    2,601,490
    Davy ISEQ principal protected deposit            -      300,000
    Davy ISEQ principal protected bond         450,000      450,000
                                            10,910,681    11,121,49

3   DEBTORS                                      2006         2005
                                                    €            €

    Prepayments and sundry debtors            516,548      348,435
    SSIA tax credit due from Revenue           35,236      116,152
                                              551,784      464,587




                                     20
          ASTI Credit Union Limited Annual Report 2006




NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2006 (CONTINUED)

4   CREDITORS                                    2006             2005
                                                    €                €

    Accruals and sundry creditors            382,204           119,621
    Amount due to Revenue Commissioners – DIRT 217                 216
                                             382,421           119,837

5   FIXED ASSETS                   Computer          Office
                      Premises    Equipment     Equipment         Total
                            €            €               €
    Cost:
    At 1 October 2005
                    2,411,516       206,040         68,793    2,686,349
    Additions         366,010        84,358         34,230      484,598
    Disposals               -     (172,477)       (67,192)    (239,669)
    At 30 September 2006
                    2,777,526      117,921         35,831     2,931,278

    Accumulated Depreciation:
    At 1 October 2005   8,038       181,652         57,438      247,128
    Charge for year    48,662        22,895         11,041       82,598
    Disposals                 -   (172,477)       (67,192)    (239,669)

    At 30 September 2006
                      56,700           32,070        1,287      90,057

    Net Book Value:
    At 30 September 2006
                    2,720,826          85,851      34,544     2,841,221

    At 30 September 2005
                    2,403,478          24,388      11,355     2,439,221




                                  21
            ASTI Credit Union Limited Annual Report 2006




NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2006 (CONTINUED)

6    MEMBERS’ LOANS                                2006              2005
                                                      €                 €

     Balance at 1 October                     17,363,150       14,942,769
     Loans issued                             10,374,969        9,565,735
     Loan repayments made                    (8,674,587)      (6,999,629)
                                              19,063,532       17,508,875

     Bad debts provision                      (130,395)         (105,395)
     Bad debts written off                     (39,334)          (40,330)

     Balance at 30 September                 18,893,803        17,363,150

     All loans advanced to members during the year were in the normal course
     of the Credit Union's business.



7    MEMBERS’ SHARES                               2006              2005
                                                      €                 €

     Balance at 1 October                    22,555,748        19,340,245
     Shares created during the year          12,698,379        11,350,096
     Shares withdrawn during the year      (11,984,902)       (8,134,593)

Balance at 30 September                      23,269,225        22,555,748




                                    22
           ASTI Credit Union Limited Annual Report 2006




NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2006 (CONTINUED)


8   MEMBERS’ DEPOSIT AND SSIA ACCOUNTS                  2006           2005
                                                           €              €
    Deposit Accounts
    Balance at 1 October                              21,905          21,560
    Deposits received during the year              3,409,650             345

    Balance at 30 September                        3,431,555         21,905

    SSIA
    Balance at 1 October                          12,412,636      8,805,752
    Deposit received during year                   3,014,847      3,023,351
    Deposits withdrawn during year               (5,598,103)       (43,442)
    Government tax credit                            649,254        626,975

    Balance at 30 September                      10,478,634      12,412,636

    Total Members’ Deposits and SSIA Accounts    13,910,189      12,434,541

9   STATUTORY RESERVE                                   2006           2005
                                                           €              €

    Balance at 1 October                        1,980,725         1,520,725
    Transferred from Income & Expenditure Account 320,000           210,000

    Balance at 30 September                        2,300,725      1,980,725

    The transfer to the statutory reserve is in accordance with the regulations
    laid down by the Industrial and Provident Societies Acts, 1893 to 1978 and
    the Credit Union Act 1997.




                                     23
             ASTI Credit Union Limited Annual Report 2006




NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2006 (CONTINUED)

10    SURPLUS RETAINED                                 2006                2005
                                                           €                   €
      Balance at 1 October                         1,222,111             377,835
      Prior year adjustment (Note 11)                       -             455,45
      Surplus retained for the year                  296,760             388,818

      Balance at 30 September                      1,518,871           1,222,111



11 PRIOR YEAR ADJUSTMENT
The adjustment arises from the adoption of FRS 21 “Events after Balance Sheet
date” during the year ended 30 September 2006. The implementation of this policy
gives rise to the prior year proposed dividend of €419,322 being reversed.
Dividends recognised have been increased from €419,322 to €455,458, the
amount actually paid out in the year.

In order to present the prior year’s result on a comparable basis, the profit and loss
account, balance sheet and notes thereto for 2005 has been restated as set out
below.

                                                         2005
                                                            €
      Income and expenditure account
      Surplus retained as previous reported           424,954
      Prior year adjustment                          (36,136)
      Restated                                        388,818

      Surplus retained
      Opening balance as previously reported         377,835
      Prior year adjustment                          455,458
      Restated                                       833,293

Balance sheet
Current liabilities as previously reported            539,159
Prior year adjustment                               (419,322)
Restated                                              119,837




                                         24
            ASTI Credit Union Limited Annual Report 2006




NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2006 (CONTINUED)

12   DIVIDENDS                                      2006              2005
                                                        €                 €
     Dividends proposed                           459,621           419,322

     Dividends proposed have not been provided for in the financial statements.

     The calculation of the proposed dividends is based on the accumulation of
     dividend points on the members' shareholdings during the year.




                                     25
             ASTI Credit Union Limited Annual Report 2006




NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2006 (CONTINUED)

13   TAXATION
     Credit Unions are exempted from income tax under Section 43 of the 1972
     Finance Act.

     Dividends and deposit interest payable to Credit Union members are liable
     to D.I.R.T. under section 57 of the Finance Act 2001.



14   MEMBERS’ LIABILITY
     The liability of the members is limited to the amount of their paid-in shares.

15   RELATED PARTY TRANSACTIONS
     During the year the following transactions occurred between the ASTI Credit
     Union Limited and its directors, supervisors and staff:
                       Opening                               Dividend /   Closing
                       Balance     Lodgements Withdrawals      Interest/ Balance
                      1/10/05      Lodgements Withdrawals Tax Credit 30/9/06
     Shares            138,954         162,310    (149,865)      (4,400) 146,999
     Deposit and
     SSIA Accounts     114,654          27,387     (55,242)      (8,701)  78,098
     Service             1,933         101,529     (91,142)            -  12,320

                          Opening
                         Loan and
                            Closing
                           Balance              Loans
                           Interest
                           Balance
                       1/10/2005                Issued
                      Repayments              Interest
                       30/9/2006
     Loans                  83,210             75,981
                          (75,788)            (6,395)
                            77,008

     All transactions were at the normal terms and conditions offered by the ASTI Credit Union
     Limited to its members.


                                              26
              ASTI Credit Union Limited Annual Report 2006




NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2006 (CONTINUED)
16    PENSIONS
The Credit Union participates in an industry wide multi-employer pension scheme for
employees (The Irish League of Credit Unions Republic of Ireland Pension Scheme). This is
a funded scheme of the defined benefit type with assets invested in separate trustee
administered funds.
An actuarial valuation of the Fund is normally carried out every three years by the
Scheme’s independent professionally qualified actuary. The actuary recommends the rates
of contribution payable by the entities participating in the Scheme.
The last such actuarial valuation was carried out with an effective date of 1 March 2005
using the Projected Unit Credit method. The principal actuarial assumption used in the
valuation was the investment return would be 1.5% higher than the annual salary
increase. The market value of the scheme’s assets at 1 March 2005 was €34.077m. The
actuarial valuation disclosed a past service deficit of €13.633m at 1 March 2005, the
actuarial review recommends an increase in the long term funding rate of 3.6% of the
Pensionable Salary roll to eliminate the above deficiency over the future working lifetime
of members. This would bring the long term funding rate to 20.3%. The cost of risks
benefits is paid in addition to this rate.
It should be noted that the above rate is based on the long term funding objectives. As a
separate requirement under section 56(1) of the Pensions Act 1990, the scheme actuary
must carry out a separate valuation every 3 years and produce a funding certificate for
submission to The Pensions Board within 9 months of the effective date of the valuation.
The purpose of the certificate is to certify whether or not the assets of the scheme at the
effective date are sufficient to meet the liabilities of the scheme based on the assumption
that the scheme was wound up at that date.
An actuarial funding certificate, certifying the Scheme did not meet the statutory minimum
funding standard was submitted to the Pensions Board with an effective date of 1
September 2002. In addition, actuarial statements indicating the Scheme did not satisfy
the funding standard have been included in the Trustees Annual Reports for the years
ending 28 February 2004 and 28 February 2005. The Trustees Annual Report for the year
ended 28 February 2006 will be made before 28 November 2006 in accordance with the
legislative requirements.
Consequently, the Employer and Trustees were required to adopt and submit a funding
proposal, in accordance with Section 49 of the Pensions Act 1990, to the Pensions Board.
The objective of the funding proposals is to ensure the Scheme can satisfy the statutory
funding standard by the time the next actuarial funding certificate is due.
The funding proposal is an agreement by the Principal Employer and the Trustees, on
advice from the actuary, to take appropriate action, usually in the form of increased
contributions. The Trustees applied to the Pensions Board for an extension of the date by
which they must satisfy the funding standards to 1 September 2012. The funding proposal
recommendation overrides the long term funding rate produced in actuarial report. The
rate recommended in the funding proposal is 23.7% of pensionable salary from 1 March
2006. The cost of risks benefits is paid in addition to this rate.
The adequacy of this funding proposal will be monitored on an annual basis through the
actuarial statement in the Trustee Annual Report. Depending on Scheme experience in the
meantime, the funding proposal and contribution rate may need to be increased following
any Trustee Annual Report.

                                          27
            ASTI Credit Union Limited Annual Report 2006




SPONSORSHIP & CHARITABLE DONATIONS

During the course of the year the Board of Directors agreed to the following
contributions:
Bursary x 3                                      €3,900
ASTI Convention Wallets                          €3,030
Concern Gifts of Hope                            €1,000
Sean O Murchu Trust                              €1,000
Xmas Member Hamper Draw                            €579
Trocaire                                           €550
Downe Syndrome Ireland                             €500
Deidre Ryan Long Jump Athlete                      €500
Unicef                                             €500
Co-Operation Ireland                               €400
Convention Prize Draw                              €350
Palestria Choir                                    €250
Dublin Simon                                       €250
Irish Association of Spina Bifida                  €250
School Stewards Draw                               €250
ASTI Convention                                    €250
National Childrens’ Eye Centre                     €200
Sightsavers                                        €200
Pat Morris World Handball Championships            €200
Teachers’ Golf Society Dublin                      €200
Dublin Schoolgirls’ Choir                          €120
Missionaries of the Sacred Heart                   €100
Meningitis Ireland                                 €100
Cheeverstown                                       €100
Threshold                                          €100
Lady’s Teachers’ Golf Society                      €100
Teachers’ Golf Society Mayo                        €100




                                    28
            ASTI Credit Union Limited Annual Report 2006




          WORK OUT YOUR REPAYMENTS FOR A CAR LOAN

                           LOAN REPAYMENT TABLE
                        Fortnightly Deduction @ 7.99%
Loan Amount    1 Year        2 Year        3 Year       4 Year    5 Year
€5,000         €199.13       €102.92       €70.90       €54.93    €45.37
€10,000        €398.24       €205.83       €141.79      €109.84   €90.73
€15,000        €597.35       €308.74       €212.68      €164.75   €136.09
€20,000        €796.47       €411.64       €283.56      €219.67   €181.45


          WORK OUT YOUR REPAYMENTS FOR A ONCE LOAN

                           LOAN REPAYMENT TABLE
                        (up to €5,000 over 12 months)
                            Fortnightly Deduction
                             €1,000        €39.65
                             €2,000        €79.28
                             €3,000        €118.91
                             €4,000        €158.54
                             €5,000        €198.17




                                      29
             ASTI Credit Union Limited Annual Report 2006




ASTI Credit Union ATM PILOT




                                                             Selina Gilleece Manager


ASTI Credit Union has for the past 18 months together with 3 other Credit Unions
been piloting a brand new Credit Union ATM Card. We are delighted with the
progress that we have made to date and are now in a position to offer our card
on a limited basis to members of the credit union.
This is how it works
If you are interested in participating in our pilot scheme please contact the credit
union office.
You will be issued with an application form for an ATM card.
Following approval your card will be issued to you.
Your Pin number will be issued separately.
Upon issue you will be able to access your Credit Union Service Account and
withdraw funds subject to a daily limit of 300 at any of the 2000 Bank of Ireland
Networked ATM machines throughout the country.
Please bear in mind that this is a pilot we are asking you to work with us to
develop this brand new service that will ultimately offer members 24 hour 7 day
a week access to their credit union.
We are very pleased to be one of the first credit unions to be able to offer this
product to our members.
In order to encourage members to use the new Credit Union ATM card we are
offering members the card for the first year absolutely with no transaction
charges whatsoever.
If you would like to participate in our pilot which will commence in January 2007
please contact the office. 1850 44 31 31




                                        30
             ASTI Credit Union Limited Annual Report 2006




YOUR FINANCIAL SERVICES CO-OPERATIVE

EFT SERVICES
ASTI Credit Union began piloting EFT (Electronic Funds Transfer) Services 18
months ago. The purpose of the pilot was to increase the overall efficiency of
services provided to our members and to begin to embrace new technology in the
delivery of quality service.
We are delighted at the huge success that we have had in implementing EFT.
Members can now have funds transferred from their credit union account directly
into their bank account in many on a next day basis. Member uptake of this
service has been phenomenal.

Bill Payments
We have also introduced Bill Payments, this enables members to pay many of
their bills eg. ESB Telephone Gas etc directly from their credit union account, at no
cost to the member.
Members can also set up standing orders from their credit union account to their
bank accounts. This facility is particularly popular for members who wish to have
monies lodged to student bank accounts on a regular basis.

WEB CU online
As you can see we are very hard in developing new methods enhance the
services that we provide to you. We are currently developing a brand-new
website which when launched will allow members interactive access to their
credit union accounts.

If you would like more information on any of the above please call our office
1850 44 31 31




                                                            Noeleen Culbert
                                                            Administrator




                                         31
ASTI Credit Union Limited Annual Report 2006




 Edel Kelly                  Henry Upton
 Administrator               Administrator




                 OUR NEW PREMISES
                  Wellington House
                 25 Wellington Quay
                      Dublin 2




                       32

								
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